Jury Anger Displayed - The Public is Awake

As a follow-up to some earlier posts, this post brings into view the public perception component of the housing crisis, in real time, in a definitive, compelling manner.

Last week, in a quiet, bucolic part of this lovely state of California, the jury rendered a verdict in a predatory lending case.

Let's recall the basic story:

(1) Lenders recklessly created residential real estate loans, out of thin air, granting loans to anyone who could fog a mirror.  Radical new loan products emerged, such as no income no job loans, option loans, pick a payment, etc.  This loan generation process generated fees to the lender for the loan origination. Other fees were tacked on to the loan, and many industries benefited, such as appraisers, realtors, insurers, as well as companies who built houses, and provided goods to furnish all the new houses filled with brand new home owners.  The govt was fully supportive of this massive effort, too.  No-one had any incentive to stop this madness, as all incentives aligned to perpetuate this free money scheme in the short term; no-one considered, or appears to have ever cared, of any intermediate term or longer term ramifications of this short-sighted, immediate, feel good scheme to place unworthy borrowers into a lifetime debt trap.  Bernanke never saw it coming, or so he says . . .

(2) Following creation of the loan, the lenders sold or transferred or assigned the rights to the loan to other companies, who (1) purportedly placed the loan into a trust, thus creating a mortage-backed residential loan security, which was then sold on Wall Street as an investment vehicle, and (2) variously performed the loan servicing [collecting the payments from the homeowner, applying the payments to the various tranches of the various assignees of the loans, and initially, engaging in efforts to restructure loans as they began to go sour].

(3) The housing bubble then burst, exploding the whole fog-the-mirror-and-get-a-giant-loan scam for what it was, a giant ponzi scheme operating on a greater-fool theory.  

(4) As part of the aftermath to the housing bust, naturally, private industry looked for solutions, all of which involved either outright fraud [creating fake paper and simply refinancing the earlier bad loan to hide the problem, robosigning fake documents to process MILLIONS of foreclosed homes, etc.], or some form of kick the can until some magic solution showed up [endless loop home loan modification processes, designed to simply allow the servicer to generate fees, while simultaneously allowing the entity holding the "investment" to not realize any losses from a defaulted loan].  

(5) As private solutions, namely fraud and more fraud begin to reach the public perception, naturally, politicians emerged with supposed "solutions."  Obumbler stepped in as the mouthpiece for the banks, implementing various federal govt plans designed NOT to wipe clean the bad debt, but to instead enrich the banksters by perpetually enslaving the debtors in an endless stream of monthly debt service, thus both (1) avoiding any real solution to the problem, which was simply bad debt that needed to be cleared, and (2) avoiding insolvency of the financial giants based on the default of massive secured paper that would have destroyed the western fiat currency system thus leading to TARP, and endless FED bailouts and our now perpetual ZIRP policies and rendering the fiat system a zombie.

(6) As the endless loan mod programs emerged and became operational, naturally, the incentive structure was changed.  Servicers did not want loan mods, as that cut their revenues.  Investors did not want to realize losses, so loan mods were delayed perpetually in a never ending string of constant requests for information, delays, denials, and transfers and sales of the underlying paper.

(7) Eventually, devoted and diligent attorneys began getting cases to court, keeping them in court, despite the obstacles, namely, the judges' resistance to debtors' getting "free homes," as well as the absolutely limitless wellspring of money and resources poured into the foreclosure machine designed to steal homes from MILLIONS of homeowners based on fraud;

(8) Some cases survived long enough to get into appellate courts, which began to realize the scope of the problem, thus triggering serious attention from law enforcement, including state attorney generals [corrupted as they ALL are, they are still politicians, and need votes, so this provided some opportunity for them to appear to be part of the solution];

(9) Some federal and state govt action lead to some settlements with the fraud banks, all of which were pittance settlements and nothing more than attempts to secure litigation waivers against future court cases from individual debtors;

(10) Eventually, enough case law support emerged, and enough collective skill and knowledge of superb lawyers spread around the country, and discovery documents began to appear, along with deposition testimony of those corrupt banksters and fraudsters leaking out into the public, that eventually the truth began to appear.

(11) Some judges began to let these cases proceed beyond the pleading stage, on various legal theories, and eventually, even in this wretched socialist state of Kalifornia, juries have begun to get these cases.

One such case is here: http://www.sacbee.com/2014/07/18/6566661/yuba-jury-awards-16-million-in.html

How's this for an opening paragraph:

"It started out as a simple loan modification for a troubled homeowner. It turned into a $16.2 million jury verdict against a nationwide loan-servicing company."

Nice, huh?

Read the short article, and understand that the collective wisdom of the folks, the jurors, has now awakened to the real story of the housing bubble and bust.

Understand that no economic "recovery" can EVER occur until all of this bad debt is expunged from the system.  Until this massive debt is wiped clean, the debtors will either struggle along in debt service, which means NO consumption at the Walmart, thus depriving the economy of vital money velocity and all that it entails, or they will default thus requiring write-downs, and reduction of value of QUADRILLIONS of derivative financial products that are, essentially, worthless. 

Who here thinks that any big write-downs will occur?  If you do, please contact me for sale papers on the Brooklyn Bridge.

Thus, MOAR and MOAR fiat printing MUST occur, to keep papering over the fiat debt scheme, to allow for debt destruction via homeowner defaults, which are ongoing, and will be perpetual until 20 Million homedebtors' loans are cleared, along with all of the paper derivatives based on the defaulted paper.

Prepare accordingly.

47 Comments

Turd Ferguson's picture

Excellent

MODERATOR

Thanks, CaL!

Wizard's picture

Perceptions Are A Changin'

Cal Thank You for such a nice piece of good news.

Might be a good time to review how we got to these warped perceptions in the first place. So we may avoid further deception in the future. ( Hopefully)

W

California Lawyer's picture

TF - Anything for You

Off to go grill some hapless corporate suit.  I love when they get furrowed brows in response to simple questions, like "why?"

I'll check back in later.

Have fun everyone!

waxybilldupp's picture

"MOAR and MOAR fiat printing MUST occur ...

Which is why, fiat currency has a track record unmarred by success.  The USDollar will NOT be the exception.

I don't usually collect fiat, and when I spend it, I prefer gold and silver.  Keep stacking, my friends.

Might still be first (edit: Or not!).  Couldn't stand waiting any longer.

wax off

Turd Ferguson's picture

Good stuff from GaryC

MODERATOR
Urban Roman's picture

Nice verdict

From the article:

Linza’s attorneys, Andre Chernay and Jon Oldenburg of the United Law Center in Roseville, said the award included $514,000 in compensatory damages and $15.7 million in punitive damages.

...

PHH said it plans to “seek further judicial review of the case and verdict,” which it said wasn’t supported by the facts. It called the jury’s award “grossly disproportionate to any alleged damages” and added, “We take our responsibilities to borrowers seriously and remain commited to meeting all of our obligations as a servicer.”

But what are the chances the plaintiff will actually collect any of that money from PHH?

Marchas45's picture

Thank You CL

for a great read as I'm in that business, well kind off. Lol Real Estate. Lol and  thanks Turd for the Gary C article keeps my mind from wandering. Keep Stacking
 

AlienEyes's picture

Cali, ya done good !

As you probably know, I think Shakespeare was a wimp when it came to his pacifists views on lawyers. I must admit, you seem like an exception to the run of the mill Caesarian S. O. B. lawyers that have infested our country, our congress and our courts. 

Reading about a jury putting the pole to a gaggle of banksters was quite refreshing. Hopefully, this will become a mega trend and thousands of the unwashed, maternally incestuous, illegitimate rodents will see fit to launch themselves from the top of a skyscraper in an effort to learn for themselves once and for all if there is life after death.

smiley

sierra skier's picture

It is about time the courts

It is about time the courts and public began to wake up too some of the shenanigans of the bankers and cronies. Perhaps we will begin to see much more of this in the near future.

Island Guy's picture

Me Too!

I am in the midst of a very similar loan modification process.  It has been going on for more than 2 and 1/2 years!

The originating bank keep giving me the run around, asking for more documents than the ones they originally requested, then asking for "updated" ones of what they already received.  Documents would be lost and would have to be resent.  Every few months the file would be transferred to a new clerk, with the result that the whole process had to be started over from scratch.

Eventually, the bank had to agree to a loan modification, since I wore them down by complying with everything they requested. But they still had another trick up their sleeve.  They increased the amount of monthly insurance and tax escrow payments to double the actual expenses.  This had the effect of increasing my overall monthly payment instead of making it more affordable.  I called their hand, and accepted the loan modification, but insisted that the escrow payments reflect actual expenses.

Before the actual loan modification could take effect, the bank transferred the paper to another company.  The new company refused to honor the loan modification with the original bank, saying that they had different rules for negotiating loan modifications.  When I asked what these rules were, I was told they were "secret."  And so the saga continues.

If enough jury verdicts come down in favor of the home owners, perhaps we may get some good faith negotiating by the banks.  

Markedtofuture's picture

Lawsuit CME Group

Lawsuit Stunner: Half of Futures Trades in Chicago Are Illegal Wash Trades

By Pam Martens: July 24, 2014

Since March 30 of this year when bestselling author, Michael Lewis, appeared on 60 Minutes to explain the findings of his latest book, Flash Boys, as “stock market’s rigged,” America has been learningsome very uncomfortable truths about the tilted playing field against the public stock investor.

Throughout this time, no one has been more adamant than Terrence (Terry) Duffy, the Executive Chairman and President of the CME Group, which operates the largest futures exchange in the world in Chicago, that the charges made by Lewis about the stock market have nothing to do with his market. The futures markets are pristine, according to testimony Duffy gave before the U.S. Senate Agriculture Committee on May 13.

On Tuesday of this week, Duffy’s credibility and the honesty of the futures exchanges he runs came into serious question when lawyers for three traders filed a Second Amended Complaint in Federal Court against Duffy, the Chicago Mercantile Exchange, the Chicago Board of Trade and other individuals involved in leadership roles at the CME Group.

The conduct alleged in the lawsuit, backed by very specific examples, reads more like an organized crime rap sheet than the conduct of what is thought by the public to be a highly regulated futures exchange in the U.S.

http://wallstreetonparade.com/2014/07/lawsuit-stunner-half-of-futures-trades-in-chicago-are-illegal-wash-trades/

Bugzy's picture

I thought it was tomorrow?

TEOTWAWKI

25th 2+5=7; 7th month etc...... At least that is what "Christine" alluded to.

Numerology and the NWO.

So It Goes's picture

I'm effing angry - I am pissed - off topic

I just received an email from the US Mint stating that an order I placed for 2014 Baseball Hall of Fame Gold Proof and Gold Unc coins on 3/28/14 has now been canceled.

At the time of purchase, I was given a tracking number and an expected ship date of 6/30.  The confirmation stated that I have the right to cancel the order and stated that my order request "was in process."   The backorder was updated several times pushing the ship date further and further into the future.  The mint charged me $4.95 for a shopping bag which they sent but have recently refunded.  Currently Ebay and PCGS are listing these two coins at $1200-$1400 each.  At the time of sale I would have been charged about $844.50 for both.  This would be the first time I hit a US Mint lottery - I was excited.  Now I am profoundly disappointed.

I called the mint and I eventually got a supervisor who claimed that I missed a small paragraph at the bottom of the order page that stated I could be placed on a WAITING LIST.  This information has since been removed and the item has been listed as "sold out". Nowhere on the order form that I printed out at the time of sale is this possibility mentioned.  The US mint will not fill the order - they stated that they never charged me and that they will not substitute an item of current equal value.  I asked her for proof that the web page actually said this since my order never mentioned this possibility.  She said she would send me proof within one week.    

I understand that I have no redress - the government can do what it wants.  I know that this is small potatoes in the larger scheme of world events.  But this just really pisses me off.  I have never had any vendor act this way - not willing to fill an order and not willing to substitute an item of equal current value.  I think I am now done with modern numistmatics.  Eff the US Mint. 

So it goes.

Dr Jerome's picture

Foreclosures

I am appalled at the number of homes that have completed the foreclosure process that are listed on the county website as owned by a bank (Freddie, Fannie, or some other) and are NOTlisted for sale. They just sit there month after month.
This is not a recovery... prices have risen, but it is artificial.

Spartacus Rex's picture

@ Cal- Superb!

yesyesyes

Re: " [corrupted as they ALL are,...]"  

LOL! So, ie Don't expect any RICO Charges to be filed anytime soon!

Cheers. S. Rex

DayStar's picture

Harvey's Up! (TFMR)

Harvey's Up!  http://www.tfmetalsreport.com/comment/420505#comment-420505

  • Mark O'Byrne: Geopolitical tension should support gold at the 200 day moving average at $1,286/oz. Gold breached the 100 day moving average at $1,301 overnight and the next level of support is at the 50 day moving average at $1,294. Worries over tougher sanctions on Russia and their potential impact on fragile Eurozone growth and the conflicts in Ukraine and the Middle East are leading to some safe haven demand. Geopolitical tensions threaten oil supplies from key oil producing regions which should also support gold. A more hawkish FOMC tone and positive payroll data could pressurize gold the short term as the short term trend is again lower after last weeks falls.
  • Harvey: Today we had one of our orchestrated gold and silver raids. Silver was whacked because it's 50 day moving average was about to cross the 200 day moving average. A crossing of this event would bring on many hedge funds to drive up silver. The bankers acted last night and this morning to dull silver's jets. Gold was whacked to join silver in sympathy. The OI for gold is quite low and should provide a floor for gold. In paper news, the Ukrainian government has folded and its Prime Minister "Yats" has resigned. This caused Ukrainian bonds to tank. Many public servants and the military have not been paid in months. We must watch for a default in the Ukrainian bonds and that would set off huge numbers of credit default swaps. The black box from the downed MH 17 airplane has not been tampered with. Both sides are accusing the other of fabricating stuff to indicate fault in its downing.
  • GoldCore: On July 8, the government in Vienna had its parliamentary groups pass special legislation for a bail-in of Hypo Alpe Adria bank (HAA), in the range of nearly EUR 900 million. The Austrian government’s legislation on bail-ins goes further than EU legislation, as it does not exempt from the bail-in the first EUR 100,000 on deposit. The victims of the bail-in are hundreds of thousands of Austrians who bought life insurance policies. Indeed, the insurance companies had invested in HAA bonds that will no longer be guaranteed under this legislation. Specifically, it hits the policies of civil servants (at Oesterreichische Beamten-Versicherung), of municipal workers and employees (Wiener Staedtische Versicherung) and others who bought insurance from Uniqua. Previously, the Austrian province of Carinthia had guaranteed the bank, but incredibly the new legislation declares that guarantee to be invalid retroactively. This then invalidates the transfer of that guarantee to the Austrian state when the bank was nationalized in 2009. The retrospective bail-in of a state guarantee in respect of subordinated debt is unprecedented in this context.
  • Reuters: Merk Gold Trust, a bullion-backed exchange-traded fund which allows its shares to be redeemed for physical gold, said on Wednesday it has made its first delivery in dozens of U.S. gold coins to an investor. The ETF, launched by Palo Alto, California-based Merk Funds in May to offer a liquid trading product with the benefits of physical gold bullion, has accumulated 40,000 ounces in two months even in a bearish gold market. The fund, trading on the NYSE Arca platform with the ticker OUNZ, owns less than 1 percent of gold held by SPDR Gold Shares, the world's biggest gold ETF.
  • Chris Powell: Gold fund manager Egon von Greyerz notes that gold deposit discoveries have collapsed and that the time required for turning a deposit into a mine has lengthened. Von Greyerz argues that this foretells much higher gold prices. Not necessarily. For new deposits of paper are being found all the time -- it's a renewable resource -- and there always will be an infinite supply of electrons and numbers for use in assembling bank and investment house balance statements. As long as "gold" investors are happy to accept paper and electrons instead, gold mining can stop entirely without having the slightest impact on gold's price.
  • Pam Martens: A lawsuit against the CME alleges that an estimated 50 percent of all trading on the Chicago Mercantile Exchange is derived from illegal wash trades. Wash trades were a practice by the Wall Street pool operators that rigged the late 1920s stock market, leading to the great stock market crash from 1929 through 1932 and the Great Depression. Wash trades occur when the same beneficial owner is both the buyer and the seller. Wash trades are banned under United States law because they can falsely suggest volume and price movement. The most stunning allegation in the lawsuit is that an estimated 50 percent of all trading on the Chicago Mercantile Exchange is derived from illegal wash trades. Wash trades were a practice by the Wall Street pool operators that rigged the late 1920s stock market, leading to the great stock market crash from 1929 through 1932 and the Great Depression.
  • Steven d'Angelo: Total silver mine supply from the US and India equals 47 million ounces compared to the staggering 350 million oz in silver imports. Basically, India and the United States imported nearly half (44%) of total global silver mine supply in 2013. And.. if that isn’t eye-opening enough, Indian and U.S. domestic mine supply only represent 13% of their total silver imports. Which means, they import a hell of a lot of silver. Of course these countries export some of this imported silver as finished products… but still, it represents a substantial amount. So what happens when the world finally experiences a severe heart-attack of its Fiat Monetary System? Do we really believe top silver producing countries like Mexico and Peru as well as many other South American countries will continue to give away their silver for a mere pittance when the Dollar finally loses its World Reserve status? Investors around the world have no idea of the bargain they are receiving by purchasing one of the best future stores of wealth…. at rock bottom prices.
  • Zero Hedge: Japanese exports have disappointed expectations for 6 of the last 7 months. June saw exports drop 2.0% (versus an expectation of a rise of 1.0%). This is the first consecutive month drop in exports since Dec 2012 (before Abenomics was unleashed). Despite yesterday's incessant  garbage  various BoJ members about the economy being on track for recovery etc. the adjusted trade balance has now been in deficit for 39 months in a row with June's unadjusted trade-deficit dramatically worse than expected at JPY822 billion. For a sense of how much this disaster means to markets that have become so numbed thanks to central bank intervention, USDJPY fell 2 pips on the news... it's not the economy, stupid; it's the BoJ.
  • Tyler Durden: As if Ukraine was not struggling through enough turmoil currently, Bloomberg reports that the fragile coalition government has collapsed after two parties quit. The UDAR and Svoboda parties said they’d leave the government and seek a snap parliamentary ballot. Tempers have been fraying recently as numerous brawls have broken out in parliament ahead of President Poroshenko's pledge to call elections this year. All we have to do now is find out who Washington would like to see in power? The end result: Prime Minister Yatsenyuk just resigned. The big question now is what will the IMF do about the remaining tranches of its loans?
  • Matthias Schepp and Cornelia Schmergal: The United States and Europe last week announced the imposition of stronger sanctions against Russia in response to the ongoing crisis in Ukraine. German industry may be among the losers. It wasn't that long ago that Kremlin officials could hardly avoid laughing when asked about the economic sanctions imposed on Russia by the West. But since last week, their moods have darkened. The Düsseldorf-based energy giant E.on, for example, recently built power stations in Russia worth €9 billion. Most of the generators are already online, but because the economy in Russia is suffering, the returns are much lower than forecast. Volkswagen is a further example. The carmaker's sales figures for 2014 are 10 percent lower than they were last year. Opel's figures dropped by 12 percent during the first five months of the year. Already, Opel has been forced to take a radical step. In St. Petersburg, where the Astra is manufactured, the company shut down the assembly lines recently for several weeks.

All this and more on...

The Harvey Report! smileysmiley

http://www.tfmetalsreport.com/comment/420505#comment-420505

DayStar

Spartacus Rex's picture

@ So It Goes - Effing angry...

Sorry that your expectations were dashed, however One either "lives and learns" or else "bitches and burns", and you were already a day late, as the $5 HoF Gold Half Eagles had completely SOLD OUT w/in 90 minutes the day before on the 27th of March.

The U.S. Mint had long since prior announced that there was a 50 Coin opening limit.

Care to guess how many 'dealers' there are, besides every Tom, Dick & Harry E Bay Scalper/Flipper?

ERGO GONE! In LESS THAN 90 Minutes,

and the only reason you were able to even get on the Waiting List/ 1st come/served, is that not everyone who places an order, can actually pay for it come shipping day, thus their order gets canceled and made available to those on the waiting list.

Cheers, S. Rex

Spartacus Rex's picture

@ Dr. J re Foreclosures

Curious, did you check to see who was paying the property taxes on same and if such were indeed current?

Cheers, S. Rex

H8Fiat's picture

SR

Interesting you ask about Prop Tax.  My brother passed away about 2 years ago.  He hadn't paid mortgage in a few months and house was very much underwater with significant damage.  Loan of 180K with value of 80K.  I did the logical thing.  Mr Banker, come take your collateral.  Like I said, this was two years ago.  As executor of his estate, I still get property tax bills, landscape notice, snow removal notices, etc.

I just call the city / county and tell them to talk to the bank.  They laugh and say that they have hundreds of homes with the same issue.  The banks own, rarely file paperwork or keep up with maintenance / taxes.

Thank you FASB for the love.

Spartacus Rex's picture

@ H8Fiat

That was my point EXACTLY.

The Banksters are not paying the annual property taxes, and if people were a lick smarter, they would be hounding their County Tax Assessor to Collect Immediately or start the Tax Lien Sale Notices Right Now!

Obviously however, this would immediately expose the Scamming Banksters who have been getting a free ride for years now!

This would expose the true market value of everyone's property and thus lower everyone's annual property taxes which are paying the salary, benefits and retirements of those who are aiding, abetting and enabling the F*n Banksters right now!

Wake The Hell Up, America!

Cheers, S. Rex

Strongsidejedi's picture

@Spartacus Rex

How does one go about learning the duration a property has been on tax lien?

Is there a database that is publicly available from the Tax Collector's office that lists delinquent properties?

Spartacus Rex's picture

@ SSJ database

Yes, in fact anyone who would care to earn a helluva lot more than what 10 Yr Treasury's are paying in interest, can simply pay Anyone's Property Tax payment/s which are in arrears, acquire a lien on said property and make serious interest on the unpaid balance of same until it is paid to you in full.

Cheers. S. Rex

Spartacus Rex's picture

Useful Idiots & the Something For Nothing Society - Part 1 of 3

Spartacus Rex's picture

What does Thursday's Sell-Off Mean for Gold and Silver?

Courtesy of 

1405871952.png

07/24/2014

Picture

First, let's take a look at the daily chart of silver since it suffered its worst day in 6 months falling over 2.5%.  Silver had been consolidating for the past two weeks in a fairly tight range.  Today, it resolved to the downside on significant volume finding support at its 200 dma.  MACD and RSI look pretty ugly so I would expect continued weakness in the short term.  If the 200 dma doesn't hold, then look to its 50 dma to provide support in the $20.25 neighborhood.
 

Picture

From a longer-term perspective, nothing really changes with today's sell-off.  Above is the 3-year weekly chart of silver that I posted a couple days ago. As long as silver stays above that down-trending blue line, silver bulls can be confident that the new uptrend is still in place.  Silver's RSI is sitting right on the 50-line (upper panel) so it will be interesting to see if that now acts as support whereas it had been resistance for the prior year-and-a-half.

Picture

Oddly, for the shellacking that silver took today, gold really held its own dropping only $10, or less than 1%.  Gold, too, found support at its 200 dma on decent volume, but nothing out of the ordinary.  Just like silver, its MACD and RSI continue to be fall which portends further short-term price weakness.  If gold loses its 200 dma, then it should find significant support at $1280 as denoted by the dashed green line.  There is A LOT of congestion between $1280 and $1320 so it's going to take some serious conviction to break out of that range ) in either direction.  So, based on the above, I would expect gold to trade sideways or down for the next week or two.

Picture

Lastly, here's a look at the same weekly gold chart I analyzed yesterday in the post titled "Textbook Bottoming Formation in Gold." The good news for the gold bulls is that nothing has changed based on today's sell-off.  Yes, it closed slightly below it's 50 week moving average, but volume this week has been "meh" at best and the RSI and MACD still look solid.  Look for $1250 to provide support on further weakness.

Add Comment

Textbook Bottoming Formation in Gold

07/23/2014

0 Comments

Picture

Tonight I've posted a weekly chart of gold going back two years.  I want to point out a few things which lead me to believe that the low is in for the foreseeable future.

  1. As gold has chopped sideways for the past 12 months, its RSI (relative strength index) and MACD (moving average convergence divergence) began trending upwards on a very consistent linear basis as denoted by the blue lines in the top and bottom panels.  Oftentimes you will see this occur when a significant trend reversal is underway.  It's no guarantee, but it's worth noting when you see it.
     
  2. Over these last 12 months as the price chopped along, it carved out a textbook "inverse head and shoulders" bottoming pattern.  According to Investopedia, this is a chart pattern used in technical analysis to predict the reversal of a current downtrend. This pattern is identified when the price action of a security meets the following characteristics:

    a) The price falls to a trough and then rises. 
    b) The price falls below the former trough and then rises again.  
    c) Finally, the price falls again, but not as far as the second trough. 

    I've underlined the "shoulders" and the "head" to make it clear in the chart.  As you can see, gold has just finished forming a very tidy pattern.

Based on the two points above, I think I can make a strong argument that the downside risk from its current price is limited.  That being said, however, the price is still ping-ponging within the range of the last year.  What bulls want to see is for the price to break definitively up and over both green dashed lines - which are previous intermediate peaks and therefore should act as resistance.  Once that happens, we'll know with much more confidence that a long-term bottom has been put in place.

http://www.goldsqueeze.com/technical-analysis

Spartacus Rex's picture

Gold Trends 2014 & Beyond...

Courtesy of GoldCorp

gold-series-trends-2014-infographic.jpg

Spartacus Rex's picture

Boston, How Low You Have Sunk. Nobody Needs The 2nd Amendment?

I know, Why not ask "Ma"?

Spartacus Rex's picture

Paul Craig Roberts:

rl999's picture

MERS

I made my last house payment in Dec '09 or Jan '10. Still haven't been to court. House still sitting there empty. MERS is clearly listed as the beneficiary. BAC and I had a long running and nasty phone exchange - they would call me more than 6 times a day, every day, and I never once spoke to the same person. The ones I spoke to never acknowledged anything that had been said/sent earlier. Maybe now I can find a competent lawyer that can get ahold of the conversations where they told me to stop paying in order to qualify for loan mods (but secretly starting the foreclosure process). Back then the lawyers were clueless about this whole scheme.

metalsbyamile's picture

Taxes ?

Any one in Turdville smoke?

Nicotine isn’t the only thing hazardous about smoking. If you need an even better reason to quit:

Safety Dan's picture

Dr Jim Garrow Warning on FB

https://www.facebook.com/pages/Dr-Jim-Garrow/390503827632449?ref=stream&fref=nf

Intelligence Rumblings:

I have avoided sharing certain information because I took an oath and will not break that oath. I am skating on the edge today because of information that I would be derelict in my duty if I did not share it. Islamists currently in the country, aided by those who have recently arrived via the southern sieve we call a border and those who boldly came on aircraft in a variety of disguises have a purpose in their criminality. Be warned, this is not for the faint of heart.

The target will be shopping malls. The method will be with explosive devices meant to inflict suffering and death and to wound as many as possible. This is terrorism in its lowest form. The purpose is to inflict fear in the hearts of Americans through this targeting of where we go to shop and relax.

The date will be a significant one for the islamists. The event will happen simultaneously across America at hundreds of locations (note the number). The police, DHS, and security services throughout the nation should be warned and take appropriate action.

Why release this on Facebook? It turns out that the necessary agencies are reading my stuff. Why make phone calls when this gets the news out in a speedy fashion to all of them in an instant message.

Be warned, my sources on this are impeccable. I lay my 100% record of reliability on the line.

- Dr. Jim Garrow -

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